23, September 2016

Nasdaq(a 4-hour chart)

General overview

Wall Street opened higher after the Federal Reserve decision not to cut the rates in September.

Current situation

Bulls seem to have returned in the game. The index has been climbing upwards the second day in a roll. The price broke the level 4865 and slowed down. The 50-EMA is turning upwards. The 100 and 200 EMAs are neutral. The resistance is seen at 4900, the support is at 4865.

The histogram grew which indicates the buyers’ strength. RSI is in the overbought area

Trading recommendations

Technically, the short term picture is modestly bullish. A clear strength above the 4865 will pave way for a continuation of the NASDAQ upward trajectory towards 4900.